Exhibit 99.1
TRUMP
ENTERTAINMENT RESORTS
FOR IMMEDIATE RELEASE: CONTACT: Tom Hickey
Monday, June 12, 2006; Trump Entertainment Resorts
8 AM EST (609) 441-6819
tom.hickey@trump.com
Deborah A. Vitale
Diamondhead Casino Corp.
(703) 683-6800
TRUMP ENTERTAINMENT RESORTS AND DIAMONDHEAD
CASINO CORPORATION SIGN LETTER OF INTENT
FOR MISSISSIPPI CASINO DEVELOPMENT
ATLANTIC CITY, NJ - Trump Entertainment Resorts, Inc. (NASDAQ: TRMP) and
Diamondhead Casino Corporation (OTCBB: DHCC) announced today that they have
signed a letter of intent pursuant to which the parties intend to form a joint
venture partnership to develop, build and operate a destination casino resort in
Diamondhead, Mississippi.
The joint venture would cover a minimum of forty acres within a
404-acre tract of land owned by Mississippi Gaming Corporation, a wholly-owned
subsidiary of Diamondhead. The Diamondhead tract fronts Interstate 10 for
approximately two miles and the Bay of St. Louis for approximately two miles and
is located in Hancock County, Mississippi. The property is zoned as a Special
Use District-Waterfront Gaming District by Hancock County. On October 17, 2005,
following Hurricane Katrina, Mississippi Governor Haley Barbour signed a bill
into law that permits casinos to be built on land up to 800-feet from the mean
high water line of certain bodies of water. The new law applies to the
Diamondhead property.
"We believe a partnership with Trump Entertainment Resorts for this
venture adds up to an ideal combination because of their experience, the value
of the Trump brand, the location of our site on Interstate 10 and the vitality
of the Gulf Coast market," said Deborah A. Vitale, the Chairman, Chief Executive
Officer and President of Diamondhead. "We have the land, the location and the
desire to pursue a master plan for the entire tract that should not only enhance
long term shareholder value, but which should significantly enhance the
surrounding economy."
"As we renovate and re-brand our Atlantic City properties, we are also
focused on our corporate development initiatives and expanding the Trump brand
into new markets," said James B. Perry, President and Chief Executive Officer of
Trump Entertainment Resorts, Inc. "We are excited about the prospect of bringing
the Trump brand to the Gulf Coast, and we hope to join private and public
entities in redeveloping the region. We believe that this is a great opportunity
to create value for our company, our shareholders and the citizens of
Mississippi."
The formation of a joint venture and development of this project are
subject to certain conditions including, but not limited to, further due
diligence and receipt of regulatory and other approvals and permits.
ABOUT TRUMP ENTERTAINMENT RESORTS
Trump Entertainment Resorts, Inc. ("TER") is a leading gaming company
that owns and operates three properties. TER's properties include Trump Taj
Mahal Casino Resort and Trump Plaza Hotel and Casino, located on the Boardwalk
in Atlantic City, New Jersey, and Trump Marina Hotel Casino, located in Atlantic
City's Marina District. Together, the properties comprise approximately 371,300
square feet of gaming space and 3,180 hotel rooms and suites. TER is the sole
vehicle through which Donald J. Trump, TER's Chairman and largest stockholder,
conducts gaming activities and strives to provide customers with outstanding
casino resort and entertainment experiences consistent with the Donald J. Trump
standard of excellence. Trump Entertainment Resorts, Inc. is separate and
distinct from Mr. Trump's real estate and other holdings.
ABOUT DIAMONDHEAD CASINO CORPORATION
Diamondhead Casino Corporation ("Diamondhead"), through its
wholly-owned subsidiary, Mississippi Gaming Corporation, owns and intends to
develop, in cooperation with a joint venture partner, approximately 404 acres of
land in Diamondhead, Mississippi. Diamondhead intends to develop the property as
a destination casino resort and hotel with condominiums and other amenities.
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS
The Private Securities Litigation Reform Act of 1995 provides a "safe
harbor" for forward-looking statements so long as those statements are
identified as forward-looking and are accompanied by meaningful cautionary
statements identifying important factors that could cause actual results to
differ materially from those projected in such statements.
All statements, trend analysis and other information contained in this
release relative to the parties' performance, trends in the parties' operations
or financial results, plans, expectations, estimates and beliefs, as well as
other statements including words such as "anticipate," "believe," "plan,"
"estimate," "expect," "intend," "will," "could" and other similar expressions,
constitute forward-looking statements under the Private Securities Litigation
Reform Act of 1995. In connection with certain forward-looking statements
contained in this release and those that may be made in the future by or on
behalf of the parties, the parties note that there are various factors that
could cause actual results to differ materially from those set forth in any such
forward-looking statements. The forward-looking statements contained in this
release were prepared by management and are qualified by, and subject to,
significant business, economic, competitive, regulatory and other uncertainties
and contingencies, all of which are difficult or impossible to predict and many
of which are beyond the control of the parties. Accordingly, there can be no
assurance that the forward-looking statements contained in this release will be
realized or that actual results will not be significantly higher or lower. The
forward-looking statements in this release reflect the opinion of the management
as of the date of this release. Readers are hereby advised that developments
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subsequent to this release are likely to cause these statements to become
outdated with the passage of time or other factors beyond the control of the
parties. The parties do not intend, however, to update the guidance provided
herein prior to its next release or unless otherwise required to do so. Readers
of this release should consider these facts in evaluating the information
contained herein. In addition, the business and operations of the parties are
subject to substantial risks, including, but not limited to risks relating to
liquidity and cash flows, which increase the uncertainty inherent in the
forward-looking statements contained in this release. The inclusion of the
forward-looking statements contained in this release should not be regarded as a
representation by the parties or any other person that the forward-looking
statements contained in the release will be achieved. In light of the foregoing,
readers of this release are cautioned not to place undue reliance on the
forward-looking statements contained herein.
Additional information concerning the potential risk factors that could
affect the parties' future performance are described from time to time in the
parties' periodic reports filed with the SEC, including, but not limited to, the
parties Annual Reports on Form 10-K and Quarterly Reports on Form 10-Q. These
reports may be viewed free of charge on the SEC's website, www.sec.gov, or, as
to Trump, at www.trumpcasinos.com.
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